As part of the deal, HKBN will issue the private equity firms a combination of its shares and vendor loan notes and after the deal closes, MBK Partners and TPG will each own 11.66 percent stake in HKBN.

HKBN is the second largest provider of residential broadband services in Hong Kong, while WTT focuses on providing telecommunication services to larger corporate and wholesale clients. ($1 = 7.8493 Hong Kong dollars) (Reporting by Sonam Rai in Bengaluru)